StockNews.com Downgrades Canadian Imperial Bank of Commerce (NYSE:CM) to Sell

Canadian Imperial Bank of Commerce (NYSE:CM - Get Free Report) TSE: CM was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating in a research report issued on Wednesday.

Several other equities research analysts have also weighed in on the stock. Royal Bank of Canada upgraded shares of Canadian Imperial Bank of Commerce from a "sector perform" rating to an "outperform" rating and increased their price objective for the stock from $97.00 to $103.00 in a research note on Wednesday, January 8th. Jefferies Financial Group cut Canadian Imperial Bank of Commerce from a "buy" rating to a "hold" rating in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $92.00.

Canadian Imperial Bank of Commerce Stock Up 1.0 %

Shares of NYSE:CM traded up $0.63 during midday trading on Wednesday, hitting $63.70. 510,259 shares of the company's stock traded hands, compared to its average volume of 1,132,315. The firm's fifty day moving average price is $58.11 and its two-hundred day moving average price is $61.62. The company has a market cap of $59.89 billion, a PE ratio of 11.91, a P/E/G ratio of 1.62 and a beta of 0.98. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Canadian Imperial Bank of Commerce has a twelve month low of $46.99 and a twelve month high of $67.45.

Hedge Funds Weigh In On Canadian Imperial Bank of Commerce

Hedge funds have recently bought and sold shares of the company. State Street Corp acquired a new position in Canadian Imperial Bank of Commerce during the 3rd quarter worth approximately $227,000. Franklin Resources Inc. increased its holdings in shares of Canadian Imperial Bank of Commerce by 4.4% during the third quarter. Franklin Resources Inc. now owns 880,838 shares of the bank's stock worth $54,606,000 after buying an additional 37,419 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Canadian Imperial Bank of Commerce by 6.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,857,844 shares of the bank's stock valued at $359,320,000 after acquiring an additional 334,545 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of Canadian Imperial Bank of Commerce by 1,069.4% during the 4th quarter. Versant Capital Management Inc now owns 725 shares of the bank's stock valued at $46,000 after acquiring an additional 663 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Canadian Imperial Bank of Commerce by 4.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,161 shares of the bank's stock worth $255,000 after purchasing an additional 194 shares in the last quarter. 49.88% of the stock is owned by institutional investors.

Canadian Imperial Bank of Commerce Company Profile

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S.